Employment And Banking In Young Adults

Young adults are faced with challenges in today's competitive economy.

Labor Force Participation Rates
Callahan & Associates | www.creditunions.com

Labor force participation rates are in a state of flux. Older people are working longer, making it more difficult for younger people to find jobs. Although every age group younger than 55 is projected to decline by 2022, the young adult demographic those between 16 and 24 years old is expected to decrease the most at 5.3%.

Source: Bureau of Labor Statistics

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Underbanked Households By Age
Callahan & Associates | www.creditunions.com

Americans that are 15 to 24 years old are more likely to be underbanked* than any other age demographic. (*Underbanked is defined as households that have a checking and/or savings account and have used nonbank money orders, check cashing services, and payday loans in the past 12 months).

Source: FDIC National Survey of Unbanked and Underbanked Households

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Living Arrangements Of Young Adults
Callahan & Associates | www.creditunions.com

Within the 18-31 millennial age range, 56% of 18- to 24-year-olds live with their parents compared to 16% of 25- to 31-year-olds.

Source: Pew Research Center

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October 27, 2014

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